Wanted: 20 people with £10 million a piece to bet on property

Coba Asset Management will next year launch an exclusive property club for the ultra high net worth, targeting investment opportunities in London’s Mayfair, Kensington and Chelsea neighbourhoods.

The Coba Club, which is being pioneered by the firm’s investment directors, William Davies and Ben Keating, along with senior figures Mickola Wilson (pictured) and Graham Gould, will involve no more than 20 members who individually possess about £10 million to invest.

It is likely properties in the UK capital’s centre and West End will form the backbone of the venture’s portfolio, as the asset management firm believes both will offer high liquidity.

‘Kensington, Chelsea, Mayfair, Knightsbridge and St James’s are all part of a fairly resilient property market – they are not as affected by volatility as some other parts of the UK market – and are areas where we see opportunity,’ said Wilson, part of Coba’s Scandinavian Strategic Property fund investment committee.

During the 12 months up to 2010’s first quarter, Wilson’s Scandinavian Strategic Property fund has returned 13.6%.

Rather than investing indirectly in property through real estate investment trusts or shares, Coba clients welcomed into the club will each put forward a specified sum for investment in prime residential sites.

Wilson said a minimum investment had not been specified. However, she added: ‘The Coba Club is for ultra high net worth individuals – people who can put £10 million into an investment and not miss it.’

The asset management company, which runs five funds and has £200 million under its control, will spend the remainder of this year forming the club. It hopes to launch the venture during the first half of 2011.